MoneySKILL®, Personal Finance Course Demonstrates Effectiveness

WASHINGTON–(BUSINESS WIRE)–The American Financial Services Association Education Foundation (AFSAEF) marks its 30th anniversary this year; to celebrate it is promoting its free online personal finance course, MoneySKILL, and sharing important research results.

Launched in 2002, MoneySKILL has been used by more than one million educators and students in all 50 states and internationally to educate students about money management fundamentals and to provide the skills and knowledge necessary to make sound financial decisions. The course’s 37 modules – available in English and Spanish – are offered at no cost to educators and their students. The foundation offers regular teacher training and on-demand technical support.

A recent study of the program found that an analysis of 65,000 users who completed the personal finance course work between 2013 and 2017, showed a gain in knowledge of 50% higher than pre-course test scores. Furthermore, a longer-term evaluation on a smaller subset of MoneySKILL users showed a more profound gain in knowledge for students from low-income households.

Personal finance courses such as MoneySKILL have additional benefits beyond knowledge gains. There is a growing body of evidence that beneficial behavioral methods that are learned when young may be “forgotten” when measured by tests of knowledge in intervening years, but are likely to “kick in” during adult years when individuals are compelled to make important personal decisions.

The AFSA Education Foundation was established in 1990. The mission of the foundation is to educate consumers of all ages on personal finance concepts and to help them realize the benefits of responsible money management.